Apel Daily Newsletter- 2nd November, 2015

ECONOMIC NEWS

BUDGET 2016 SHOULD FOCUS ON INFRASTRUCTURE

NIGERIA can overcome slowing growth with spending as the government plans to create a $25 billion fund combining public and private financing to develop infrastructure, according to Vice President Yemi Osinbajo. This is heartwarming at a time of great fear that the economy might slide into recession.Source: VANGUARD. Read More

DEVALUE NAIRA, REMOVE SUBSIDY AND ‘KILL’ NIGERIANS

IMF Africa Director, Mrs. Atoinette Sayeh recently noted at a press conference at a World Bank event in Lima, Peru, that “…those measures introduced by CBN to restrict demand and limit access to official foreign exchange for certain imports are quite detrimental to economic activities and invariably led to a lot of unhappiness in the private sector”. Source: VANGUARD. Read More

BUSINESS NEWS

NIGERIAN MOBILE INTERNET USERS HIT 97M MARK

The number of mobile internet users on Nigeria’s telecoms networks has hit 97.21 million up from the 95.37 million recorded in August this year, according to figures released by the Nigerian Communications Commission (NCC). Source: THISDAY. Read More

NNPC LOSES N120BN IN TWO MONTHS

The Nigerian National Petroleum Corporation incurred a total loss of N120.07bn in the months of August and September, the latest NNPC Group financial report has shown. Source: PUNCH. Read More

CAPITAL MARKET

CADBURY NIGERIA: OUT OF THE RED, INTO THE PINK

Cadbury Nigeria has moved out of a net loss of N250.7 million in the second quarter into a profit level that keeps it on the edge of slipping off again. The beverage manufacturing company suffered a big profit slash last year and this year another major profit drop is keeping it swinging between profit and loss. Source: VANGUARD. Read More

STERLING BANK EARNS N82BN IN THIRD QUARTER 2015

Sterling Bank Plc has released its interim earnings report for the third quarter, showing steady growth in the top-line and bottom-line. The nine-month report for the period ended September 30, 2015 showed that the commercial bank remained consistent in its growth strategy against macroeconomic and industry headwinds with gross earnings and net income rising by 12 per cent and 6.9 per cent respectively. Source: THISDAY. Read More

DIAMOND BANK Q3 PROFIT DROPS TO N15.967 BILLION

The unaudited results of Diamond Bank Plc for the nine months ended September 30, 2015, showed that the bank’s profit after tax fell to N15.967 billion as against the N20.180 billion recorded in the comparable period of 2014. Source: THISDAY. Read More

MONEY MARKET

NAIRA DEPRECIATION? YES. DEVALUATION? NO

The Central Bank of Nigeria has taken a firm stand on the issue of devaluation of naira and this is in tandem with the position of the Federal Government. Source: PUNCH. Read More

CBN ADJUSTS EXCHANGE RATE PEG AGAIN

The Central Bank of Nigeria weakened its exchange rate peg to N197 against the dollar on the interbank market on Friday, down from N196.97, Reuters reported quoting foreign exchange dealers. Source: PUNCH.Read More

NAIRA DEPRECIATION? YES. DEVALUATION? NO

The Central Bank of Nigeria has taken a firm stand on the issue of devaluation of naira and this is in tandem with the position of the Federal Government. Source: PUNCH. Read More

CBN ADJUSTS EXCHANGE RATE PEG AGAIN

The Central Bank of Nigeria weakened its exchange rate peg to N197 against the dollar on the interbank market on Friday, down from N196.97, Reuters reported quoting foreign exchange dealers. Source: PUNCH.Read More

NATIONAL / POLITICAL NEWS

MY PACT WITH NIGERIANS- PROF. YAKUBU, NEW INEC CHAIRMAN

A new Chairman, Prof. Mahmud Yakubu, and five National Commissioners of the Independent National Electoral Commission (INEC), last week, scaled the Senate screening. Source: VANGUARD. Read More

BUHARI ‘LL NOT REQUIRE MINISTERS TO PUBLICLY DECLARE ASSETS

The new ministers to be inaugurated soon may not be compelled to publicly declare their assets as President Muhammadu Buhari and Vice-President Yemi Osinbajo did, presidency sources have disclosed.Source: VANGUARD. Read More

EFCC, ICPC, OTHERS BUNGLE CRIME CASES – CJN

The Chief Justice of Nigeria, CJN, Justice Mahmud Mohammed, has revealed why anti-graft agencies in the country often fail to successfully prosecute high profile criminal cases. Source: VANGUARD. Read More

NASARAWA LGS RECEIVE N4.3 BILLION BAILOUT FUND – OFFICIAL

Nasarawa State Local government councils have received N4.3 billion bailout fund from the State Government to pay salaries of their workers. Alhaji Suleiman Wanbai, Chairman of Lafia Local Government Area and Chairman of Association of Local Governments of Nigeria (ALGON), Nasarawa state chapter made this known at a press conference in Lafia on Sunday. Source: LEADERSHIP. Read More

GUBER POLL: BUHARI, APC LEADERS KEEP AUDU IN QUANDARY

The not too cordial relationship between President Muhammed Buhari and the All Progressives Congress (APC) governorship candidate in Kogi State, Abubakar Audu, has kept him (Audu) in a most uncertain situation even as he formally rolled out his campaign for the governorship election last weekend. Source: THISDAY. Read More

APC WINS BORNO CENTRAL SENATORIAL BY-ELECTION

The All Progressives Congress (APC) has won the Borno Central senatorial by-election as its candidate, Baba Kaka Garbai, recorded a landslide victory over his closest opponent, Kaka Bolori of the Peoples Democratic Party (PDP). Source: THISDAY. Read More

APC LOSES 1,000 MEMBERS TO PDP IN BAYELSA

Barely 36 days to the governorship election in Bayelsa State, no fewer than 1,000 members of the All Progressives Congress in the state have defected to the Peoples Democratic Party. Source: PUNCH. Read More

RIVERS, AKWA IBOM TRIBUNAL RULINGS AND MATTERS ARISING

The opposition Peoples Democratic Party (PDP) is livid. It’s emergency national caucus meeting held, last Thursday, reflected this much. It’s worst fears were confirmed by the judgements of the elections tribunals that sat over petitions arising from the governorship elections in Akwa Ibom and Rivers States held last April. Source: LEADERSHIP. Read More